Blackstone Group LP, the listed US-based private equity firm, has agreed to acquire JOA Groupe, a France-based casino operator, from Alchemy Partners LLP and Davidson Kempner.
JOA is France’s #3 casino operator. It operates a geographically diversified portfolio of 22 casinos, generating a gross gaming revenue in excess of EUR 200m and EBITDA in the region of €30m for the year ended October 2016.
Alchemy Partners and Davidson Kempner Capital Management had acquired JOA, along with its management, in a debt equity swap transaction in 2014. The transaction, which happened following a competitive sale process, was completed on 31 October 2017.